Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $ 460 Research and development expense $ 114 Depreciation expense 90 Income tax expense 1,008 Sales revenue 9,230 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 4,500 Advertising expense 499 Rent expense 105 Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. Gross profit rate enter percentages rounded to 1 decimal place% Profit margin enter percentages rounded to 1 decimal place%
Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses $ 460 Research and development expense $ 114 Depreciation expense 90 Income tax expense 1,008 Sales revenue 9,230 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 4,500 Advertising expense 499 Rent expense 105 Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. Gross profit rate enter percentages rounded to 1 decimal place% Profit margin enter percentages rounded to 1 decimal place%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions).
|
Salaries and wages expenses
|
$ 460 |
Research and development expense
|
$ 114 | |||
|---|---|---|---|---|---|---|
|
|
90 |
Income tax expense
|
1,008 | |||
|
Sales revenue
|
9,230 |
Loss on disposal of plant assets
|
46 | |||
|
Interest expense
|
161 |
Cost of goods sold
|
4,500 | |||
|
Advertising expense
|
499 |
Rent expense
|
105 | |||
|
Sales returns and allowances
|
230 |
Utilities expense
|
60 |
Assume a tax rate of 34%.
Gross profit rate
enter percentages rounded to 1 decimal place%
Profit margin
enter percentages rounded to 1 decimal place%
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